What type of activities does payroll reconciliation include?
(simple and original answer please, no hand writing...
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Accounting
What type of activities does payroll reconciliation include?
(simple and original answer please, no hand writing and answershould relate to Australian payroll system or Australianlegislation thx)
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Reconciliation in accounting involves verifying transactions are in balance and apply to the correct account For instance when reconciling payroll a payroll transaction involves different accounts If an employee earned 1500 during a payroll period but only receives 950 the rest of the money would go to such things as taxes Social Security withholdings Medicare and insurance deductions Reconciling that payroll check would involve verifying that all the accounts affected by the payroll transaction agree and total to the gross amount used in calculating the check Payroll Reconciliation include following Activities Payroll Reconciliation Accountants and clerks must verify that their calculations are correct especially when formulating payroll Prior to submitting payroll the accountant or clerk audits their entries for errors and make any adjustments as necessary Once payroll is submitted the
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